1. Operating the Bank of Namdo Art is the first business the local government has implemented. What is the purpose of operating the Bank?

• The Bank of Namdo Art seeks to financially support artists of traditional art who have great potential and a promising future, yet have difficulty sustaining their livelihood due to economic difficulties.
• The main purpose of this business is to support the artistic activities of promising artists in our region so that they can stay here and work with pride and hope as professional artists. We hope that our support will make them art masters in the future.
• There are art bank systems in Europe and central government, but they differ from our system in that these other banks merely purchase art work from artists and lend them to others for a fee. The Bank of Namdo Art not only lends but also sells art work. By doing so we can accumulate the finance needed for future purchase of art work and provide a basis for financial independence.

2. The art work of local artists are saved in the Bank. Please tell me in more detail about what the Bank does.

• The Bank purchases art work from promising full-time artists who have financial difficulties. When a prospecting buyer appears we resell the art for a profit.
• The art work is sold to all people-people of all levels of society, companies, club members, etc. The art is sold at cultural centers such as literature halls and art galleries. We also operate special sale exhibitions in Jeollanamdo's major cultural and art events. Most importantly, we have an on-line shopping mall so that art work can be sold through the Internet. The price of the art work will be determined by the popularity of the work and its increase in value over time.
• Right now, profits don't exactly meet anticipated goals but we take a long-term view. When today's new artists become famous and respected artists in the future, the value of their art work will also increase.

3.How many works of art does the Bank plan to purchase in the future?

• The limitations of finance make it difficult to collect all types of art work, so currently purchasing is limited to traditional forms of art work. The art fields we support are Korean paintings, literary paintings, and calligraphy.
• We have acquired a budget of 370 million won for art work purchase. We have purchased 1383 works of art from 123 artists from three fields. We provide between two million to six million won to each artist.
• Our policy is to purchase 600 works of art per year. As the Bank business will stabilize over time, we are planning to expand the field of support to modern art such as western paintings and sculptures, and also antiques.
• Our goal is to support five hundred artists and purchase two thousand works of art until 2009. We will devote our efforts to ensure that the Bank of Namdo Art holds a sufficient number of art work.

4. Please explain the process of the Saturday auction.

• A total of thirty Korean, literary, and calligraphy art works are exhibited at the auction.
• The auction takes place at the Unlimsambang Jindo History Museum for about 1 hour 30 minutes. Before the auction, there is a ten minute session for a performance of Korean classical music and an introduction of the artists and their work.
• After the MC's introduction, the art work is auctioned at a beginning price that is 30~70% lower than the selling price. The bidders put their hands up when the art work they want is on the bidding table. When there are two bidders for one art work, the price is raised by two thousand won until the highest bidder wins.

5. When does the Bank receive applications for art work and what is the application method and process?

• The applications fields are Korean paintings, calligraphy, and literary paintings. The artist must be born in Jeollanamdo or has been living here for two years or more before the application date. The artist must also meet one of the following qualifications: one individual exhibition, three or more temporary exhibitions or group exhibitions, three or more prizes in national art contests, or had exhibited his/her work in famous national/overseas art exhibitions. The business selects new full-time artists from candidates who meet these qualifications. The Bank receives applications twice a year, once in the first half and once in the second half.
• Application procedures are explained in detail at the Jeonnam local government's web site or the Bank of Namdo Art web site. The application form can be found on the web site and artists can download it.
• Applications should be sent to the Jeonnam Culture and Art Foundation, at Mouan-gun Samhyang-myeon Namyak-ri 2074 beonji Jeonnam Development Building floor 11, postal code 534-821. If you have any questions regarding application, please call 82-61-287-5206.

6. Please explain the Bank of Namdo Art flea market, which began this year.

• As the Bank of Namdo art is in the process of stabilization, Jeollanamdo is seeking new and various methods to invigorate the business. Along with the Saturday auction, in March of this year we are operating a Saturday Flea Market in with local residents can participate.
• The flea market sells hongju, mushrooms, and crafts. There is also a painting workshop in which people can learn how to paint from artists. In the future we plan to sell antique paintings, pottery, and also induce participation from individuals who own works by famous people, thus making the flea market more varied and active.

7. What are the anticipated outcomes if the Bank is successfully operated?

• We aspire to increase the morale of artists and cultivate their creative abilities, as well as support their livelihoods. We hope that this will revive the art market, which has been in recession due to current economic difficulties, and also promote local culture and art. We anticipate that by developing traditional art, which is a major cultural product of our region, we can carry on our region's legacy.
• Other synergy effects are also expected. Famous artists such as Euijae Huh Baekryeon and Namnong Huh Gun had been born in Jeonnam. The residents of Jeonnam will feel immense pride and self-respect to be living here.